Babcock and Brown down and out

Babcock and Brown found that leverage upon leverage and the practice of funding dividends from the money provided by new investors (aka a Ponzi Scheme) results inevitably in bankruptcy. While only $3 billion of debt was directly impacted, it should be remembered that all of its children, who are now running for cover, have a total debt load of over $50 billion. The question that has to be asked at this point is: Why was Babcock & Brown terminated this soon, and why before Centro?